Full text of U.S. Financial Data : Week Ending: July 9, 1975

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Week ending: July 9r 1975
bRarvi

VjUN

0 8 1979


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Since the beginning of this year, commercial
banks have been faced with a decrease in the demand for
loans. From the four weeks ended January 1 to the four
weeks ended July 2, commercial and industrial loans at
weekly reporting large commercial banks, on a nonseasonally adjusted basis, have fallen by about $9 billion.
This reduction in loans has occurred simultaneously with
a decrease in the prime rate from 10.25 percent to 7
percent during this period.
So far this year, large commercial banks have
increased their holdings of short- and intermediate-term
Government securities. From the four weeks ended January
1 to the four weeks ended July 2, weekly reporting large
commercial banks have increased their holdings of Govern­
ment securities by $8.2 billion. Of this increase in
banks’ holdings of Government debt, $2.7 billion was in
Treasury bills and $4.6 billion was in the one- to fiveyear maturity range.
By way of contrast, from the four weeks ended
January 2, 1974 to the four weeks ended July 3, 1974,
commercial and industrial loans at large commercial banks
increased by $13.3 billion, and the prime rate rose from
9.75 percent to 11.75 percent. In addition, from the
four weeks ended July 3, 1974 to the four weeks ended
January 1, 1975, commercial and industrial loans at
these banks rose by about $8 billion.
Also in contrast to developments so far this
year, during the first half of 1974 large commercial banks
reduced their holdings of Government securities. From the
four weeks ended January 2, 1974 to the four weeks ended
July 3, 1974, weekly reporting large commercial banks de­
creased their holdings of Government securities by $4.2
billion. Of this decrease in banks’ holdings of Govern­
ment debt, $3.9 billion was in Treasury bills and $343
million was in the one- to five-year maturity range.

Prepared by Federal Reserve Bank of St. Louis
Released: July 11, 1975

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

1975

BILLIONS OF DOLLARS
120

MILLIONS,
118

116

114

112

110

108

1

15 29 12 26 10 24

7 21

« 18

2

16 30 IS 27 11

NOV

AUG
SEP
1974

25

8 22

DEC

3 19

5 19

FEB

MAR

2 16 30 14 26 11

MAY

25

9 23

JUN

1975

LATEST DATA PLOTTED WEEK ENDING: JULY 9. 1975
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AN® USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/10/74

10/9/74 12/11/74

1/8/75

2/12/75

3/12/75

4/9/75

10.3
7.4
7.4
9.5

5.7
6.3
9.2

4.8
9.1

5/7/75

TO THE AVERAGE
OF FOUR WEEKS
END 1 NG:
12/11/74
1/ 8/75
2/12/75
3/12/75
4/ 9/75
5/ 7/75
6/11/75
7/ 9/75

2


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

8.2
8. 1
6.4
6.9
7.2
6.6
6.7
7.6

9.5
6. 1
6.9
7.4
6.6
6.7
7.9

2.1
4.7
5.9
5.1
5.5
7.2

3.3
5.3
4.4
5. 1
7.1

12.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER^
FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATiO

RATIO
Z.9

MULTIPLIER

1975
lY.

28

JUL.

LATEST DATA PLOTTED WEEK ENDING: JULY 2,

RATIO.

2

1975

BILLIONS OF DOLLARS
108

BILLIONS OF DOLLARS
~
infi
106
104

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR fcEEKS ENDING
_ JULY 9, 1975 FROM
THE FO&R WEEKS END INGt
"“MAY
7, 1975
5.9
-

102
ino

APR.
MAR.
—FEB
JAN
~ OCT
— JUL

106

104

9, 1975
15.4
12, 1975
15.0
------- -----------1975

102
FEDERAL RESERVE CREDIT
100

98

96
1975

MILLlflta
94

92

1

15 29 12 26 10 24

7 21

4 18

2 16 30 IS 27 11

AUG
SEP
1974
LATEST DATA PLOTTED WEEK ENDING: JULY 9,

NOV

DEC

25

8 22

5 19

5 19

FEB

MAR

2 18 30 14 28 11

25

9 23

1975

1/ RATIO OF MONEY STOCK (Ml) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT £ND ’*OTHER’’ ASSETS, ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN
BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE SEASONALLY ADJUSTED
BY THIS BANK.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS NET TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

8 ILL IONS OF DOLLARS

655

BILLIONS
L

MAY

28

650

641.5
643. 1
646.3
647'. 6
649.0
648. I

645
640
635
630
625
620
615
610
605
600
595
590

t

IS 29 12 26 10 24

7 21

4 16

AUG

SEP

2 16 30 15 27 11 25

NOV

8 22

3 19

5 19

2 16 30 14 26 11

DEC

MAY

9 23

JUN

LATEST DATA PLOTTED WEEK ENDINGt JULY 2. 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
7/3/74

10/2/74

12/4/74

1/1/75

2/5/75

3/5/75

4/2/75

7.8
9.1
8.5
10.3
11.4

12.5
10.5
12.2
13.3

9.3
12.0
13.4

12.0
13.8

4/30/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/ 4/74
1/ 1/75
2/ 5/75
3/ 5/75
4/ 2/75
4/30/75
6/ 4/75
7/ 2/75

4

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

5.9
5.4
5. 1
6.0
6.6
6.6
7.6
8.4

7.0
6. 1
7.3
8.0
7.9
9.0
9.9

3.3
6.1
7.5
7.4
9.0
10.2

17. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
292.0
292.4
294.2
294. 1
294.7
293.2

1

IS 29 12 26 10 24

7 21

4 18

AUG

SEP

2 16 30 13 27

NOV

U

25

6 22

3 10

3 18

2 1« 30 M 28 11

MAY

DEC

23

8 23

JUN

LATEST DATA PLOTTED WEEK ENDING: JULY 2. 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGt
7/3/74

10/2/74

12/4/74

3.4
2.8
0.9
2.0
2.9
2.8
4.0
4.9

5.4
1.3
3.0
4.2
3.9
5.4
6.5

-5.0
-0.4
2.3
2.1
4.6
6.0

1/1/75

2/5/75

3/5/75

4/2/75

-0.4
3.1
2.7
5.5
7.0

11.1
7.8
10.0
11.1

6.3
9.8
11.2

9.0
1 1.0

4/30/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
12/ 4/74
1/ 1/75
2/ 5/75
3/ 5/75
4/ 2/75
4/30/75
6/ 4/75
7/ 2/75


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

15.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
73 13*5

90 DAY CD'SWW

12.5

PRIME BANK
LOAN RATE

COMMERCIAL PAPER

CORPORATE Aaa BONDS

MUNICIPAL
BONDS ax

JUN

4 1«

JUL

SEP

OCT

2

16 90 15 27 1! 25

APR
JUN
1975
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi JULY 11, 1975

1975
MAY

2
9
16
23
30
JUNE 6
13
20
27
JULY
4
1 1 X
18
25

FEB

MAR

90 DAY
CD'S warn

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BOWS

MUNICIPAL
BONDS *8*

6.15
6.04
5. 96
5.67
5.56
5.58
5.71
5.55
5.93
6.44
6.61

6.15
6.08
5.93
5.60
5.50
5.60
5.63
5.65
6.18
6.34
6.42

6.07
6.00
5.83
5.58
5.45
5.59
5.55
5.58
6.03
6.19
6.38

9.01
8.96
8.88
8.85
8.90
8.85
8.76
8.73
8.75
8.82
8.85

6.95
6.86
6.88

JUL

7.09
7.09
7.05
6.80
6. 93
7. 00
6.96

N. A.

* AVERAGES OF RATES AVAILABLE.
** BOW BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOft THE WEEK END ING WEDNESDAY TWO DAYS
N A E^RNOTRAV/MLABLEES SH0WN"
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVtKAGES OF DAILY RATES ENDED FRIDAY

PERCENT
14.0 rr-

PERCENT

FEDERAL FUNDS RATE

ISCOUNT RATE

THREE-MONTH TREAS
BILL MARKET YIELD

3 17

1975
MAY

2
9
16
23
30
JUNE 6
13
20
27
JULY
4
11 *
18
25

FEDERAL
FUNDSm

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
G0VERM4ENT
SECURITIES

5.71
5.42
5.20
5.13
5.14
5.24
5.15
5.31
5.72
6.31
6.06

5.51
5.41
5.04
5.16
5.23
5.23
5.00
5.24
5.80
5.98
6.07

6.36
6.13
5.81
5.74
5.80
5.77
5.50
5.74
6.32
6.47
6.51

7.87
7.64
7.45
7.34
7.38
7.29
7.05
7.14
7.49
7.62
7.66

7.09
6.98
6.94
6.98
7.03
6.96
6.81
6.82
6.85
6.89
6.90

“AVERAGES OF RATES AVAILABLE.
TIFbTHAN DATE SHOWN.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1375
MAY

28

BILLIONS OF DOLLARS
365

BILLIONS
349.5
350.7

360

353.5
354.3

355

350

345

340

335

330

325

320

315

1

13 29 12 26 10 24

7 21

4 18

2 16 90 13 27 It

AUG
SEP
1974

NOV

25

8 22

DEC

5 19

5 19

FEB

MAR

2 16 30 14 28 It 25

MAY

9 23

JUN

1975

LATEST DATA PLOTTED WEEK ENDINGs JULY 2, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
•NET TIME DEPOSITS ARE DEFINED AS« SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
7/3/74

10/2/74

12/4/74

1/1/75

2/5/75

3/5/75

4/2/75

15.3
14.4
13.7
14.4
15.3

13.8
12.9
14. 1
15.2

1 1.9
13.8
15.3

14.4
16.2

4/30/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
12/ 4/74
1/ 1/75
2/ 5/75
3/ 5/75
4/ 2/75
4/30/75
6/ 4/75
7/ 2/75

8

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

8.2
7.7
8.9
9.6
9.9
10.0
10.7
11.4

8.4
10.4
1 1.2
1 1.4
11.4
12. 1
13.0

10.7
12.0
12.1
11.9
12.9
13.8

18.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

230

BILLIONS OF DOLLARS
----- ---------- ------------ 230

-------------1---------- 1-----

BILLIONS
221.2

221.8

223.1
222.9
223.3

MAY

JUN

JUL

AUG

SEP

OCT

NOV

5 19

DEC

5 19

MU 30 14 28 II

MAY

1974

23

9 23

JUN

1975

LATEST DATA PLOTTED WEEK ENDING. JULY 2, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING.
7/3/74
10/2/74 12/4/74
1/1/75
2/5/75
3/5/75
4/2/75 4/30/75
TO THE AVERAGE
OF FOUR WEEKS
END 1NG.
12/ 4/74
1/ 1/75
2/ 5/75
3/ 5/75
4/ 2/75
4/30/75
6/ 4/75
7/ 2/75


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1.3
0.7
-1.7
-0.3
0.8
0.8
2.3
3.3

3.2
-1.6
0.6
2.2
2.0
3.9
5. 1

-8.7
-3.1
0.1
0.3
3.2
4.8

-3.2
1.1
1.1
4.3
6.1

11.1
7.7
10.1
1 1.3

6.2
9.8
11.4

9. 1
1 1.3

16.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BiLLiONS OF DOLLARS

BILLIONS OF DOLLARS
102
100
96
96
94
92
90
86
66
84
82
80
78
76
74
72
70

1

13 29 12 26 10 24

7 21

AUG

4

18

2 16 SO 13 27 1

NOV

SEP

DEC

25

8 22

5 19

FEB

5 19

MAR

2 16 50 M 28 11

MAY

25

9 23

0

JUN

LATEST DATA PLOTTED WEEK ENDING. JULY 2, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100.000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

1975
MAY

7
14
21
28
JUNE
4
11
18
25
JULY 2
9
16
23
30

CERTIFICATES
CERTIFICATES
OF DEPOSIT
OF DEPOSIT
SEAS. ADJ.
NOT SEAS. ADJ.
84.0
84.4
84.6
83.9
83. 1
82.9
82.3
81.7
81.8

86.4
86.3
85.9
84.4
83.9
84.1
84. 1
84.2
84.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION

BILLIONS OF DOLLARS
4.5 r=---------- ---------- -----

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
----- 1---------- 1----------z] 4.5

12Zi MILL I ON?.

1

15 29 12 26 10 24

7 21

4 18

AUG

SEP

2

16 90 IS 27 11 25

NOV

a 22

DEC

S 18

5 19

FEB

MAR

2 16 50 14 28 11

MAY

25

9 23

JUN

1975
LATEST DATA PLOTTED WEEK ENDINGj JULY 9, 1975

BUSINESS LOANS

( COMMERCIAL

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
134 ----------------------- -----

COMPOUNDED ANNUAL RATES
— OF CHANGE, AVERAGE OF
- THE FOUR *EEKS ENDING
_ JULY 2, 1975 FROM
THE FOUR WEEKS END I IMG t

— FEB
OCT.
JUL.
1

1975
1975
1975
1975
.1975
2, 1974
3, 1974

BILLIONS OF DOLLARS

----- ---------- -------------

-16.5
-14.9
-15.7
-15.6

15 29 12 26 10 24

134

MILLIONS

.

MAY

28

•

-7.3

7 21

4 16

2

16 30 13 27 11

NOV

DEC

25

8 22

5 19

5 19

FEB

MAR

2 16 30 14 26 11

25

9 23

1975
LATEST DATA PLOTTED WEEK ENDING: JULY 2,


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1975
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
530 rr------------1-----------1—

e ILL IONS OF COLLARS
------- --------------------------3 530

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JULY 2. 1975 FROM THE FOUR
WEEKS U>INB,
CREDIT
PROXY
30,

1975

3,

1975

PROXY
ACJUSIEfi

2, 1974

CREDIT PROXY ADJUSTED

1/

CREDIT PROXY

BILLIONS
CREDIT
CREDIT

PROXY
495.0
498.2
501.8
502.4
500.4
498.7

t

15 29 12 28 10 24

2 I* *0 IS 27 11 25

7 21
AUG

LATEST DATA PLOTTED WEEK ENDINGi
CURRENT DATA APPEAR
IX

12

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

NOV

SEP

JULY 2,

DEC

8 22

5 19

5 19

FEB

MAR

PROXY

AO JUSTED.
505.7
509.0
509.2
507.3
505.2

2 1« SO 14 28 11

25

9 25

1975

IN THE BOARD OF GOVERNORS'

H.S RELEASE.

INCLUDES MEMBER BANK DEPOSITS, 9AMX-RELATED COSW/ERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS. AND CERTAIN OTHER MONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS